Ruminations of an Expatriate

Greg Palast recounts how Pinochet, who violently seized power from democratically elected Salvador Allende with USA government assistance, implemented neo-liberal economic policies which enabled the looting of the Chilean economy by a few super rich interests; and how he ultimately found it necessary to resort to socialist economic measures to restore Chilean economic health. Palast observes that Allende’s nationalization of Chile’s copper resources from control by multi-national corporations and his land reform program are today largely responsible for the currently favorable state of the Chilean economy.

Incidentally, Chile, under Pinochet, implemented “private accounts”, as advocated by Bush as “social security reform”. The results should discourage anyone, except the “private account” fund managers, from considering implementation of such.

More on the failure of Pinochet’s economic policies from Asia Times Online.

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